One of the cornerstones of quantum communication is the unconditionally secure distribution of classical keys between remote parties. This key feature of quantum technology is based on the quantum properties of propagating electromagnetic waves, such as entanglement, or the no-cloning theorem. However, these quantum resources are known to be susceptible to noise and losses, which are omnipresent in open-air communication scenarios. In this work, we theoretically investigate the perspectives of continuous-variable open-air quantum key distribution at microwave frequencies. In particular, we present a model describing the coupling of propagating microwaves with a noisy environment. Using a protocol based on displaced squeezed states, we demonstrate that continuous-variable quantum key distribution with propagating microwaves can be unconditionally secure at room temperature up to distances of around 200 meters. Moreover, we show that microwaves can potentially outperform conventional quantum key distribution at telecom wavelength at imperfect weather conditions.